Naturally, we look at the live Bitcoin (BTC) price and the prices of the top 25 crypto. These are currently flat, so that begs the question of which Bitcoin (BTC) key price we should keep an eye on in the short term. Furthermore, we analyze the MtGox liquidation and see how institutional investors are stepping in en masse.
We start of course with the live Bitcoin (BTC) price and the prices of the top 25 crypto.
Live Bitcoin (BTC) price and top 25 crypto prices bearish flat
At the time of writing, the live Bitcoin (BTC) price is quoting EUR 21,211.40 ($21,293.77). This is 0.53% lower than yesterday around this time.
The prices of most crypto from the top 25 are also remarkably flat, but slightly lower than yesterday. There are, of course, exceptions. The biggest gain is currently with +2.81% for Cosmos Hub (ATOM). OKB (OKB) records the largest loss at -1.12%. On the site of Tradeincrypto.com you can analyze all live crypto prices 24 hours a day.
Coins (Image: Pexels / Alesia Kozik)
Institutional Bitcoin investors are coming around again
The CEO of crypto exchange Bitstamp, Jean-Baptiste Graftieaux, gave a recent interview in which he shared his views on the crypto market and dwelt on a number of trends. For example, he sees that institutional investors are flocking. They are busy researching how they can become active. He therefore expects a hefty influx of capital.
Furthermore, he explained how the company wants to expand. For example, applications to be licensed as a Bitcoin broker are underway in 10 countries. In doing so, he criticizes the European Union for requiring a separate license application for each country. He therefore calls for smarter regulations that are more accommodating to entrepreneurs.
BTC investors look to impact payout plan MtGox
The moment when the receivers of the bankrupt MtGox will start to pay out is getting closer and closer. We paid attention to this earlier, but now based on the latest payout report we can zoom in a bit more on the possible impact of the payouts on the crypto market.
According to the latest report, the following will be distributed starting next week:
142,846 BTC Cash
70 billion Japanese Yen.
The Bitcoins in the wallet were purchased prior to the bankruptcy for prices between $15 and $1,200. So with the value right now, this means that the return per Bitcoin is between 141,858.47% and 1,674.48%. There is therefore a good chance that many people who are now receiving their payout will want to cash in their profits and sell their BTC.
Analysts think this could lead to a price drop. That chance is not imaginary, because the total portfolio now represents a market value of about 3 billion. So if we compare this to the total daily trading volume of $31 billion we see that roughly about 10% market capital is entering the market. When this happens it concerns 100% sales orders.
Of course, the question is how structural a price decline is, but contrary to the opinion of some analysts, we certainly expect a (bearish) impact.
These are the Bitcoin (BTC) price key quotes in the short term
The Elliott Wave analysis is used to discover trends in crypto. If we do the Elliott Wave analysis for BTC and crypto we see that it indicates that we should prepare for a further price decline.
If we follow this bearish line we see mainly support levels around $21,000 and the key level of $20,800. If this support does not hold we can expect a drop to the psychologically important price of $20,000.
If the Bitcoin price starts to rise against expectations, the space is limited. There are resistances around $21,500 and $21,640. However, these are weaker than the resistances above them at $22,000.00 and $22,500.00.
Want to stay informed about the latest price developments?
You can always follow the developments yourself with our WANT crypto analyses or the background articles and previews on the crypto market and Bitcoin. Of course, you can also follow the live quotes 24 hours a day if you want to stay informed in real time. Are you interested in other investments besides crypto? Then our weekly Monday morning price forecast might be a reading tip. “Please note: We never give financial advice, so our contributions can’t be interpreted that way either. Always do your own research and decide on rational grounds if, when, what and how much you want to invest in.”